Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Riverhaus Creekside, a 281-unit multifamily asset located within the Town Center at Creekside, a 400-plus-acre mixed-use development in New Braunfels, Texas.
“The property averaged 23 leases per month during the final stages of lease up, which demonstrates the high level of demand for superior product in New Braunfels, the nation’s third-fastest growing city,” said Will Balthrope, IPA executive director. Balthrope and IPA’s Drew Garza represented the seller, a partnership between Allied Orion Group and The Carlyle Group, and procured the buyer, New Jersey-based SPG. “Many of New Braunfels’ key demographic statistics, including 58 percent home value appreciation and 56 percent population growth over the past decade, are outpacing the nation,” added Garza.
The property places residents within walking distance of restaurants, coffee shops, retail, and entertainment venues within Town Center at Creekside. The location also provides quick access to Interstate 35, a major thoroughfare that connects New Braunfels to San Antonio and Austin, which are 30 and 40 miles away, respectively. Employers nearby include Amazon, Schlitterbahn Waterpark, San Marcos Premium Outlets, Tanger Outlets and Caterpillar. Texas State University is close to the community and the Comal River, which runs through New Braunfels, is a major tourist attraction.
“Riverhaus Creekside was a unique project and one that I had the privilege of being involved with from start to finish,” said Aura Malpica, investment associate with Allied Orion Group. “The ability to integrate our development, construction and management verticals created value for our longtime investors and a successful first partnership project with The Carlyle Group.”
Completed in 2020 on 10 acres, Riverhaus Creekside is a three-story, garden-style asset with community amenities such as a swimming pool with a sun shelf and cabanas, a courtyard biergarten area and a fitness center with a rock wall. Apartments have keyless remote entry systems, nine- or 10-foot ceilings, and full-size washers and dryers. The average unit size is 929 square feet.
“IPA gives multifamily investors the advantage of having one Texas-based team dedicated to providing advisory and brokerage services and this was an important factor in the closing of this sale,” added Balthrope.